If you are starting a business, you should have a general understanding of some of the legal aspects involved. Even a small Schaumburg, IL business can get into legal trouble, so it’s a good idea to have an overview of business law and how it might impact your business.
Seven Concepts of Business Law
- Know what intellectual property is so you can protect your business’ ideas, products, services, inventions, and so forth.
- Have a general understanding of business contracts and what might be required for your type of business. Understand the concepts of offer and acceptance.
- Know the definition of product liability to protect yourself in the event of a lawsuit if your product causes injury or bodily harm to someone.
- Understand negotiable instruments, which is a substitute form of payment besides actual cash, such as checks or a promissory note.
- Be familiar with a sales contract, ensuring it outlines exactly how a product or service will be delivered to a customer.
- Understand how legal disputes involving your company can be resolved. Check your state’s requirements on the proper procedure to follow before a lawsuit is filed in court.
- Know the legal responsibilities of all the partners that might be involved with the business. This will generally depend on the type of business you are operating, whether it is a Limited Liability Corporation (LLC), a Partnership, and so forth.
Contact Our Schaumburg Law Firm
If you are an entrepreneur, you should arm yourself with these basic business law tenets. As always, if you have questions about any laws governing your business, your Schaumburg, IL attorney Robert M. Kaplan can provide you with business law expertise. Call today for a consultation.